We bought a foreclosed house with cash --vacation rental. We then refinanced our home, adding the cash buy onto our refinance. Do we review the refinance with rental?

bgcshannonl · ‎May 31, 2019

Bought foreclosure with cash. Made it into vacation rental. Then refinanced our home with added cash buy. Now, do we review our refinancing as our rental or as our home?

DoninGA · ‎May 31, 2019

The mortgage for the re-finance was secured by your personal residence and not the rental. So any mortgage interest deductions would be reported on Form 1040 Schedule A not on the Schedule E for the rental.

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DoninGA · ‎May 31, 2019

The mortgage for the re-finance was secured by your personal residence and not the rental. So any mortgage interest deductions would be reported on Form 1040 Schedule A not on the Schedule E for the rental.

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We bought a foreclosed house with cash --vacation rental. We then refinanced our home, adding the cash buy onto our refinance. Do we review the refinance with rental?